Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes:

Mixing and Packaging.

All materials are entered at the beginning of each process. On October 1, 2020, inventories consisted of Raw Materials $26,000, Work in ProcessâMixing $0, Work in ProcessâPackaging $251,200, and Finished Goods $293,400. The beginning inventory for Packaging consisted of 14,900 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 52,700 units were started into production in the Mixing Department and the following transactions were completed.

1. Purchased $300,000 of raw materials on account.
2. Issued raw materials for production: Mixing $210,000 and Packaging $45,000.
3. Incurred labor costs of $258,900.
4. Used factory labor: Mixing $182,500 and Packaging $76,400.
5. Incurred $810,000 of manufacturing overhead on account.
6. Applied manufacturing overhead on the basis of $24 per machine hour. Machine hours were 28,000 in Mixing and 6,000 in Packaging.
7. Transferred 45,000 units from Mixing to Packaging at a cost of $979,000.
8. Transferred 53,000 units from Packaging to Finished Goods at a cost of $1,315,000.

Sold goods costing $1,604,000 for $2,500,000 on account.

.
No. Account Titles and Explanation Debit Credit
1
2
3
4
5
6
7
8
9

Answer:

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

Account                                                         DEBIT           CREDIT

1

raw material inventory                            300,000  

accounts payable                                                     300,000

                 -

2

work in process inventory- Mixing       210,000                   -  

work in process inventory- Packaging        45,000  

raw material inventory                                               255,000

                 -  

3

Factory payroll                                      258,900                   -  

Wages payable                                                      258,900

                 -  

4

work in process Labor- Mixing              182,500                   -  

work in process Labor Packaging       76,400  

Factory payroll                                                       258,900

                 -  

5

Manufacturing overhead                      810,000                   -  

overhead payable                                                       810,000

                 -  

6

work in process Mixing                             672,000                   -  

work in process Packaging                      144,000  

Manufacturing overhead                                        816,000

                 -  

7

work in process Labor Packaging          979,000                   -  

work in process Labor- Mixing                               979,000

                 -  

8

Finished goods                                  1,315,000                   -  

work in process Labor Packaging                                   1,315,000

                 -  

9

Accounts receivable                             2,500,000                   -  

Sales                                                                                 2,500,000

                 -  

Cost of goods sold                           1,604,000                   -  

Finished goods                                                      1,604,000

The entries of No. Account Titles and Explanation Debit Credit of Fire Out Company manufactures its product, Vitadrink is given below:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

Account                                                         DEBIT           CREDIT

1

raw material inventory                                300,000  

accounts payable                                                                300,000

2

work in process inventory- Mixing             210,000                   -  

work in process inventory- Packaging                               45,000  

raw material inventory                                                       255,000

3

Factory payroll                                            258,900                   -  

Wages payable                                                                  258,900

4

work in process Labor- Mixing                  182,500                   -  

work in process Labor Packaging             76,400  

Factory payroll                                                                    258,900

5

Manufacturing overhead                           810,000                   -  

overhead payable                                                               810000

6

work in process Mixing                             672,000                   -  

work in process Packaging                      144,000  

Manufacturing overhead                                                    816,000

7

work in process Labor Packaging            979,000                   -  

work in process Labor- Mixing                                           979,000

8

Finished goods                                         1,315,000                   -  

work in process Labor Packaging                                    1,315,000

9

Accounts receivable                             2,500,000                   -  

Sales                                                                                  2,500,000

Cost of goods sold                           1,604,000                   -  

Finished goods                                                                 1,604,000

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Workers in Peru collect cochineal bugs used to dye certain United States food items red. Market activities such as this one can best be described as:

Zippers, Corp., a development company, has constructed a zip-line course on government land after signing a leasing agreement with the state government. A few years after signing the agreement, the state authority sanctioned the Never-ending Tunnel Company to build a long tunnel through the land where the zip-line course already exists. The proprietors of Zippers, Corp. claim that the state authority has violated their existing agreement. Which of the following is most likely to be applied in this case between Zippers, Corp. and the state government?

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b. the contract clause
c. the doctrine of preemption
d. the establishment clause
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Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6.00 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 55,000 shares issued and outstanding $ 330,000 Paid-in capital in excess of par - common 440,000 $ 770,000 Retained earnings 1,400,000 Total Stockholders' Equity $ 2,170,000 On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $22 per share. How will the issuance of the stock dividend affect the financial statements

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Beginning inventory (30% complete as to Material B and 60% complete for conversion) 700 units
Started this cycle 2,000 units
Ending inventory (50% complete as to Material B and 80% complete for conversion) 500 units
Beginning inventory costs:
Material A $14,270
Material B 5,950
Conversion 5,640
Current Period costs:
Material A $40,000
Material B 70,000
Conversion 98,100

Material A is added at the start of production, while Material B is added uniformly throughout the process.
Refer to Saturn Corporation Assuming a FIFO method of process costing, compute EUP units for Materials A and B.

Tightening Credit Terms Kim Mitchell, the new credit manager of the Vinson Corporation, was alarmed to find that Vinson sells on credit terms of net 90 days while industry-wide credit terms have recently been lowered to net 30 days. On annual credit sales of $2.83 million, Vinson currently averages 95 days of sales in accounts receivable. Mitchell estimates that tightening the credit terms to 30 days would reduce annual sales to $2,705,000, but accounts receivable would drop to 35 days of sales and the savings on investment in them should more than overcome any loss in profit. Vinson’s variable cost ratio is 72%, taxes are 40%, and the interest rate on funds invested in receivables is 20%. Assuming a 365-day year, calculate the cost of carrying receivables under the current policy and the new policy. Enter your answers as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar. Current policy: $ New policy: $ Should the change in credit terms be made? -Select-

eBookPrintReferences Check my work Check My Work button is now enabledItem 180Item 180 Ouelette Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $5.25 Direct labor $4.05 Variable manufacturing overhead $1.30 Fixed manufacturing overhead $3.00 Fixed selling expense $0.70 Fixed administrative expense $0.40 Sales commissions $0.50 Variable administrative expense $0.45 If 6,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:

Consider a situation where a manufacturer from country A and a distributor based in country B are considering a relationship. To serve this market, the firm from A must invest in new equipment, which can be used only for the B market. The two firms transact infrequently, and there is significant uncertainty about the nature of the market demand. Trust between the two firms is low, and country B's legal system to be unsympathetic to foreign firms. How should the manufacturer choose to organize its transactions

Check my work Check My Work button is now enabledItem 5Item 5 1.11 points Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $50,470. g1. Jobs that had a cost of $50,470 were sold. g2. Sold jobs on account for $72,100.

The purpose of the fair value adjustment for marketable equity securities is to: Adjust a corporation's capital stock account to reflect the current market value of the outstanding capital stock. Compute the amount of taxes payable on unrealized gains and losses. Adjust the valuation of a company's investment in those securities to current market value. Recognize the average gain or loss on fluctuations in the market value of these securities in the current period income statement.

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The sales era emerged because of an increased need to move products during the Great Depression.

True
False

A company rented a computer for $800 a month. Five years later the treasurer calculated that if the company had purchased the computer and paid a $100 monthly maintenance charge, the company would have saved $1000. What was the purchase price of the computer?

Diego Company manufactures one product that is sold for $73 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 56,000 units and sold 51,000 units. Variable costs per unit: Manufacturing: Direct materials $ 24 Direct labor $ 16 Variable manufacturing overhead $ 2 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing overhead $ 784,000 Fixed selling and administrative expense $ 672,000 The company sold 38,000 units in the East region and 13,000 units in the West region. It determined that $300,000 of its fixed selling and administrative expense is traceable to the West region, $250,000 is traceable to the East region, and the remaining $122,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product. Foundational 6-10 10. What would have been the company’s variable costing net operating income (loss) if it had produced and sold 51,000 units? You do not need to perform any calculations to answer this question.

PLEASE HELP WITH THIS
This lesson examines many concepts, including opportunity costs. For this discussion, you will write a brief scenario that describes opportunity costs.

For example:

After working weekends for the past three years, Janet has saved $7,000. Her goal is to buy a new 90-inch HD television. Before she buys the TV, she is offered an opportunity to travel with her best friend to Australia and New Zealand. The trip will cost about $7,000.

Janet’s opportunity costs are either missing out on purchasing a new television (if she chooses to travel) or forgoing her plan to purchase a television (if she travels abroad).

Now, write your own scenario that illustrates opportunity costs.

The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022

Accounts receivable $100,000
Accounts payable 48,400
12% notes, payable to bank 628,000
Mortgage note payable 12,30,000

Other information:
a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.
b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing
paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.
c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and
apply the overpayments to those future purchases.
d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.

Required:
1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).
2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.

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The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $80,000 of materials on account. Issued $4,000 of supplies from the materials inventory. Purchased $56,000 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $68,000 in direct materials to the production department. Incurred direct labor costs of $100,000, which were credited to Wages Payable. Paid $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $50,000. The following balances appeared in the accounts of Steve’s Cabinets for April: Beginning Ending Materials Inventory $ 148,200 ? Work-in-Process Inventory 33,000 ? Finished Goods Inventory 166,000 $ 143,200 Cost of Goods Sold 263,400 Required: a. Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

A resource-based strategy:

a. is often based on cross-department combinations of intellectual capital and expertise.
b. uses a company's valuable and rare resources and competitive capabilities to deliver value to customers that rivals have difficulty matching.
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d. refers to a company's most efficiently executed value-chain activity.
e. uses industry key success factors to provide a company with a core competence that rivals cannot effectively imitate.

what are the rules of a male and a female at home?​

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Do you have a course for Economics?

Amazon’s employees will return to the office after a lengthy period of remote working and managers will need to employ the most suitable leadership models, styles or theories to ease the transition In light of this, assess the suitability of key leadership models, theories or styles in terms of their effectiveness in the context provided

how can I create a new business?​

Use the following data to determine the total amount of working capital.

Sheffield Corp. Balance Sheet December 31, 2022

Cash $200000 Accounts payable $202000
Accounts receivable 154000 Salaries and wages payable 27000
Inventory 152000 Mortgage payable 236000
Prepaid insurance 90300 Total liabilities $465000
Stock investments (long-term) 266000
Land 299000
Buildings $305000 Common stock $420300
Less: Accumulated depreciation (55000) 250000 Retained earnings 742000
Goodwill 216000 Total stockholders' equity $1162300
Total assets $1627300 Total liabilities and stockholders' equity $1627300

To reduce costs and the environmental impact of commuting, your software company decides to close a number of offices and enable staff to work from home. However, the senior management team who introduced the policy is unaware that your team is using agile methods, which rely on the co-location of teams and pair programming.

Required:
Discuss the difficulties that this new policy might cause and how you might get around these problems?

Managing requires __________, while leading includes setting the direction.Multiple Choicecreating a visioninspiring peopleorchestrating changeplanning and budgeting routinescreating followers

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process—Mixing Department June 1 balance 25,000 Completed and transferred to Finished Goods ? Materials 157,080 Direct labor 99,500 Overhead 117,000 June 30 balance ? The June 1 work in process inventory consisted of 4,000 units with $13,020 in materials cost and $11,980 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,500 units were started into production. The June 30 work in process inventory consisted of 9,600 units that were 100% complete with respect to materials and 50% complete with respect to conversion. g

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31.

Additional Information Items:

a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2015.
c. Annual depreciation on the equipment is $13,200.
d. Annual depreciation on the professional library is $7,200.
e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2016.
f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
h. The balance in the Prepaid Rent account represents rent for December.


Debit    Credit
Cash 34,000     
  Accounts receivable 0     
  Teaching supplies 8,000     
  Prepaid insurance 12,000     
  Prepaid rent 3,000     
  Professional library 35,000     
  Accumulated depreciation—Professional library 10,000  
  Equipment 80,000     
  Accumulated depreciation—Equipment 15,000
  Accounts payable 26,000  
  Salaries payable 0
  Unearned training fees 12,500  
  Common stock 10,000  
  Retained earnings 80,000  
  Dividends 50,000     
  Tuition fees earned 123,900  
  Training fees earned 40,000  
  Depreciation expense—Professional library 0     
  Depreciation expense—Equipment 0     
  Salaries expense 50,000     
  Insurance expense 0     
  Rent expense 33,000     
  Teaching supplies expense 0     
  Advertising expense 6,000     
  Utilities expense 6,400     

  Totals 317,400      317,400

Required:
Prepare the adjusting entries, adjusted trial balance, and financial statements of above entries.

A major manufacturing company has initiated a project to determine the best course of action to take in response to the new green laws recently passed by congress. The company has many plants located in the U.S. and overseas, some of which have been in place for decades and will likely not be cost effective to modernize. The CEO has warned that this project will rise or fall based on effective communications. During the plan communications management process, the project manager and his team will rely on potentially five key inputs. Which of the following is a key input of the process? Select one: a. Communications technology b. Lessons learned register c. Project management plan d. Meetings